ann out, page-8

Concord

Not really sure how to evaluate the announcement.

On the one hand, it has fallen below my expectations (at this stage anyhow). So from that point of view its negative.

On the other hand, the SP has been pricing in the well as a failure. The well IS NOT a failure so from that point of view its a positive.

On balance, since the SP was priced for failure, the SP SHOULD have a moderate increase tomorrow.

However this is not a balanced market at all...and trying to read what the market will do tomorrow on this announcement, well you've got more chance of having picked Adam Cooney to win the brownlow at the start of the year when e was paying around 100-1 (a mate of mine had $400 on him so it is possible...just not likely).

Of course this is all a short term outcome and viewpoint.

Investors should not lose sight of the fact that 330 has a development plan of 2,000 barrels a day (HELLO!!!) and that 430 could well have several wells pumped into it similar to 330. So regardless of what the markets reaction to the announcement is, the fact is, long term the story is very good and undervalued.

Cdchi1